Guggenheim Lowers Trade Desk (NASDAQ:TTD) Price Target to $90.00

Trade Desk (NASDAQ:TTD - Free Report) had its target price decreased by Guggenheim from $110.00 to $90.00 in a report issued on Friday, MarketBeat reports. Guggenheim currently has a buy rating on the technology company's stock.

Several other brokerages also recently issued reports on TTD. Scotiabank lowered their price objective on shares of Trade Desk from $133.00 to $83.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. Evercore ISI downgraded shares of Trade Desk from an "outperform" rating to an "inline" rating and lowered their price objective for the company from $135.00 to $90.00 in a research report on Thursday, February 13th. Benchmark raised shares of Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. Rosenblatt Securities started coverage on shares of Trade Desk in a research report on Tuesday, April 29th. They set a "buy" rating and a $77.00 price target for the company. Finally, Royal Bank of Canada decreased their price target on shares of Trade Desk from $100.00 to $85.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Seven analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $98.88.

Trade Desk Price Performance

NASDAQ TTD traded down $0.03 during mid-day trading on Friday, hitting $79.37. The company's stock had a trading volume of 11,164,740 shares, compared to its average volume of 5,891,300. Trade Desk has a 52-week low of $42.96 and a 52-week high of $141.53. The stock's fifty day simple moving average is $54.88 and its two-hundred day simple moving average is $94.71. The firm has a market capitalization of $39.37 billion, a P/E ratio of 101.76, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. The company had revenue of $616.02 million during the quarter, compared to the consensus estimate of $575.62 million. During the same quarter last year, the company earned $0.26 earnings per share. Trade Desk's revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities analysts forecast that Trade Desk will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 12th that authorizes the company to buyback $564.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Trade Desk

A number of hedge funds and other institutional investors have recently modified their holdings of TTD. Brown Advisory Inc. raised its stake in shares of Trade Desk by 198.4% during the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock valued at $443,358,000 after purchasing an additional 5,387,339 shares in the last quarter. Norges Bank bought a new stake in Trade Desk in the fourth quarter worth about $524,187,000. Nuveen LLC bought a new stake in Trade Desk in the first quarter worth about $191,935,000. Raymond James Financial Inc. bought a new stake in Trade Desk in the fourth quarter worth about $231,570,000. Finally, Vanguard Group Inc. raised its position in Trade Desk by 3.7% in the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock worth $2,420,689,000 after acquiring an additional 1,567,491 shares in the last quarter. 67.77% of the stock is currently owned by institutional investors.

Trade Desk Company Profile

The Trade Desk, Inc operates as a technology company in the United States and internationally. The company offers a self-service cloud-based platform that allows buyers to plan, manage, optimize, and measure data-driven digital advertising campaigns across various ad formats and channels, including video, display, audio, digital-out-of-home, native, and social on various devices, such as computers, mobile devices, televisions, and streaming devices.